State Bank Of India

State Bank of India (SBI) is planning to dilute stake in its card business through the initial public offer (IPO) route. The Bank currently holds 74 per cent stake in SBI Cards & Payment Services.

The Executive Committee of Central Board of the bank at its meeting held on August 14, 2019 has given in-principle approval to explore the possibility of diluting SBI's stake in SBI Cards & Payment Services, a subsidiary company through IPO route at an opportune time, subject to the approval of RBI and other regulatory agencies in this regard. Further, specific disclosures in relation to the IPO will be given once the same is finalized by the bank.

SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.